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Mission Capital Provides Bridge Debt on First-of-Its-Kind Ace Hotel
Mission Capital Advisors has arranged $80 million of bridge financing for the recently-completed Sister City hotel, a 200-key hospitality property at the intersection of Downtown’s SoHo and Lower East Side neighborhoods. The Mission Capital team of Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny arranged the first-mortgage financing from Bank Hapoalim, on behalf of a partnership between Omnia and Northwind Group.
After purchasing the property, Omnia and Northwind added three floors to the century-old property, and and turned it into an amenity-laden, food-and-beverage-centric hotel. The first Sister City property created by Ace Hotels, the 14-story building will feature a 234-seat café restaurant, a 150-seat rooftop bar with sweeping views of Manhattan, and a ground-floor garden.
“We see that the Bowery is really becoming a prominent nightlife destination,” said Northwind managing partner Ran Eliasaf. “It has truly become the bridge between the Lower East Side and Nolita in Manhattan.”
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